Key Transactions and Observations
Three new wallet addresses have withdrawn a combined 4,920 ETH, valued at approximately $16.25 million, from Tornado Cash. These funds were subsequently sold at an average price of $3,302 per ETH. This activity follows earlier deposits made in 2024 into Tornado Cash by wallets associated with Richard Heart, the founder of HEX, PulseChain, and PulseX. These associated wallets had deposited 162,937 ETH, equivalent to approximately $619 million, into the privacy-focused service.
Three new wallets just withdrew 4,920 $ETH($16.25M) from https://t.co/11PfRBP2j2 and sold at around $3,302.
Is this Richard Heart (@RichardHeartWin, founder of HEX, PulseChain, and PulseX) selling — or hackers?
For context, Richard Heart bought 162,937 $ETH($619M) at $3,800 in… pic.twitter.com/kNdLLRofwy
— Lookonchain (@lookonchain) November 7, 2025
The aforementioned deposits by Richard Heart's associated wallets occurred earlier in 2024. He had acquired 162,937 ETH at an average price of $3,800 per ETH, totaling approximately $619 million. This entire amount was then deposited into Tornado Cash just two days prior to the recent withdrawals.
Complex Wallet Transfers Resemble Layering Activity
Further analysis of the blockchain activity revealed a structured pattern of inflows into wallet 0x3dE…8ff1A…1000. This wallet received sequential transfers of 100 ETH, totaling nearly $342,000, from Tornado Cash. Subsequently, this wallet moved a total of 3,186 ETH, valued at $10.58 million, along with $10.54 million in USD and 0.11 ETH, to wallets designated as 0x3E4…AF44a….
These transactions exhibit characteristics of a layering process. This technique is commonly employed to obscure the origin of digital assets by distributing them across multiple addresses, thereby making it more difficult to trace their initial source.
SharpLink Gaming Reduces Ethereum Holdings Amid Market Downturn
In parallel developments, SharpLink Gaming, a significant holder of Ethereum on its balance sheet, has initiated a reduction of its ETH holdings. On-chain data indicates that the company transferred 4,364 ETH, worth $14.47 million, to the cryptocurrency exchange OKX. This move occurred after the redemption of 5,284 ETH, which was valued at $17.52 million.
According to Arkham Intelligence, SharpLink Gaming's wallet currently holds 791.07 ETH, approximately $2.65 million, and a small amount of LSETH. This recent transaction represents the only notable deposit from the company's address in the recent period. SharpLink's market value has experienced a significant decline, dropping 12% over the past week, following an 8% decrease on Thursday.
The company had previously acquired $78.3 million worth of ETH from FalconX on October 27, allocating the majority of its assets to Liquid Collective and Figment. However, the approximate 30% decrease in Ethereum prices since October has adversely impacted the treasury values of institutional investors. Consequently, the managed net asset value at SharpLink has fallen to 0.82.